PNC Financial Services Group Inc. Increases Stock Holdings in W. P. Carey Inc. (NYSE:WPC)

PNC Financial Services Group Inc. boosted its position in shares of W. P. Carey Inc. (NYSE:WPC) by 5.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,999 shares of the real estate investment trust’s stock after acquiring an additional 2,104 shares during the period. PNC Financial Services Group Inc.’s holdings in W. P. Carey were worth $2,463,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of WPC. First United Bank & Trust purchased a new position in shares of W. P. Carey during the 4th quarter valued at $27,000. Central Bank & Trust Co. purchased a new position in W. P. Carey during the fourth quarter worth about $28,000. FNY Investment Advisers LLC bought a new position in W. P. Carey in the 4th quarter worth about $32,000. EdgeRock Capital LLC purchased a new stake in shares of W. P. Carey in the 4th quarter valued at about $32,000. Finally, Transcendent Capital Group LLC bought a new stake in shares of W. P. Carey during the 4th quarter valued at about $36,000. Institutional investors own 73.73% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on WPC. Royal Bank of Canada lowered their target price on shares of W. P. Carey from $65.00 to $63.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Wells Fargo & Company dropped their price objective on shares of W. P. Carey from $61.00 to $60.00 and set an “equal weight” rating for the company in a report on Thursday, May 30th. UBS Group started coverage on W. P. Carey in a research note on Friday, May 31st. They issued a “neutral” rating and a $57.00 target price on the stock. Scotiabank lifted their price target on W. P. Carey from $55.00 to $60.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 16th. Finally, Barclays started coverage on W. P. Carey in a research report on Wednesday, March 27th. They set an “equal weight” rating and a $40.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $61.55.

W. P. Carey Stock Performance

Shares of WPC stock opened at $55.64 on Friday. The company has a market capitalization of $12.18 billion, a P/E ratio of 21.16, a PEG ratio of 1.03 and a beta of 0.91. W. P. Carey Inc. has a fifty-two week low of $51.36 and a fifty-two week high of $73.38. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a 50 day moving average price of $56.58 and a two-hundred day moving average price of $59.15.

W. P. Carey Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.87 dividend. This represents a $3.48 dividend on an annualized basis and a yield of 6.25%. The ex-dividend date of this dividend is Friday, June 28th. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s dividend payout ratio (DPR) is 132.32%.

W. P. Carey Profile

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,424 net lease properties covering approximately 173 million square feet and a portfolio of 89 self-storage operating properties as of December 31, 2023.